Beauty’s Thrifty Shift
Published 20 September 2021
As spending comes under scrutiny by a more cautious post-pandemic beauty consumer, product functionality and purpose will drive purchases. We explore how value is measured in quality, convenience, and a cool currency that tops any luxury one. Additionally, we analyse how spend-savviness is now embedded in everyday wellbeing and sustainability.
Beauty Democratised
Spend-Thrift Self-Care
Cool Economical Kudos
‘Clean’ & ‘Green’ Austerity
Shrewd businesses are allowing consumers to peek behind the curtain of beauty product manufacture and marketing to put a real price on the products and services they spend their money on. As honesty, authenticity and trust drive consumer loyalty and spend (see Key Stats), democratising beauty becomes a lucrative endeavour.
Shrewd businesses are allowing consumers to peek behind the curtain of beauty product manufacture and marketing to put a real price on the products and services they spend their money on. As honesty, authenticity and trust drive consumer loyalty and spend (see Key Stats), democratising beauty becomes a lucrative endeavour.
Lockdown-induced stress, anxiety and boredom has taught consumers around the world the importance of daily self-care, with beauty and home fragrance becoming key tools in the quest for inner and outer wellbeing. No longer viewed as frivolous, one-off treats, wellness-hunters are seeking out economical everyday indulgences.
Thanks to savvy beauty brand and retail initiatives, coupled with social media influencer-driven beauty shopping trends, it is now cool to shop on a budget. The humble drugstore has become a big beauty destination, while dupe culture is rife, and re-sale is no longer a fashion-only exploit.
A key wallet-friendly theme across the consumer product categories (see Future Food Values), eco-consciousness is no longer a claim associated solely with premium price-points. As cash-strapped consumers adopt sustainable values and minimal mindsets, the ethical demand on budget brands is catalysed. DIY, downsizing, and cut-price ‘clean’ are now key buzzwords.
Beauty’s Thrifty Shift
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